But the Eagles are reluctant to make the move permanent.
And that has left the door open for the Burnley boss, 37, who managed the Belgium midfielder during the 2020-2021 campaign at Anderlecht, before he made a £17million move to Arsenal.
Kompany is a huge fan of £15million-rated Lokonga and once compared him to Premier League legend Yaya Toure.
The ex-Man City captain even revealed he recommended the youngster to Arteta, before the north London giants swooped.
Speaking about the player’s potential on Rio Ferdinand’s Vibe with Five YouTube channel, Kompany said: “When I was still a player for City, I was coming to a point where I was thinking about my future. Management? Carry on? Sign a new deal?” said Kompany.
“I was watching football from different countries, different places. And I saw Sambi play his first game – his first two games – then he got an injury to his knee.
“But the first thing I did when I saw Sambi is I went to Mikel and said, ‘You’ve got to watch this guy, he’s the new Yaya Toure.”